How to scale Bitcoin? First of all, Bitcoin is already scaling massively. Second, scaling Bitcoin isn’t just about technology.
In 2009, Satoshi Nakamoto said that Bitcoin can already scale much larger than VISA for a fraction of the cost. This statement was made in relation to hardware from 2009.
In 2022, Satoshi Nakamoto is publicly known as Dr. Craig Wright, particularly following the outcome of the Kleiman v. Wright court case, and we are privileged to review the bitcoin creator’s newly published work on scaling blockchains. dr Wright recently wrote an article titled “Defining Scaling” in which he shows that attempts to scale Bitcoin by implementing side networks are futile and have sinister motives.
The deception of scaling Bitcoin through second-layer technology
BTC supporters are intrigued by the so-called BTC Lightning Network and similar efforts to scale BTC or other blockchain systems. By using another network running off-chain “to assist BTC in scaling matters”, BTC is being weakened and even becoming a non-law-abiding system.
In Defining Scaling, Dr. Wright:
By definition, each blockchain represents a system that collects and processes a set of transactions by building them into a block that a number of paid and funded node operators process through a competitive process like proof of work, subsequently publishing a verification of the other node can check for validity.
The key word here is “publish”. Blockchains are not private databases, but the opposite. Bitcoin scaling can be understood as releasing more transaction data over time. As bitcoin grows, so will we see more transactions.
Regarding technology, bitcoin is The technology allows increasing the block size without using side networks. Once blockchains use side networks, they are no longer blockchains. They become private databases.
We already have private databases. They work fine until someone keeps separate accounts. So Joel Dalais of MetaNet ICU and I did the history of accounting with Dr. Craig Wright discusses:
dr Wright was an accountant himself. In the video, we mentioned the benefits of triple-entry ledger applications using Bitcoin. At the CoinGeek Zurich conference in 2021, a whole panel discussed Bitcoin and accounting. Attempts to scale Bitcoin by stripping it of on-chain transactional data do not scale but allow for a system with little to no public accounting.
What is bitcoin without published transactions?
In his article, “Defining Scaling,” Dr. Wright:
Every transaction processed in a system like Bitcoin is public. It’s the same publicity that some people are trying to remove. The argument put forward by opponents of scaling is touted as being related to scaling but represents an attempt to find methods to eliminate the ability to track every transaction within Bitcoin.
Now we have to be careful here. We understand that Bitcoin means public transactions. Entities that want to “scale bitcoin” by getting rid of transaction history aren’t really trying to scale bitcoin, they’re trying to cover their tracks.
We are seeing attempts to implement side networks for BTC that allow it to transact without leaving a trace on the BTC blockchain. This is how money launderers and perpetrators of other criminal acts have to proceed in order not to be tracked down in the end.
On the BSV blockchain – also known as Bitcoin SV – transactions are not hidden in side chains, side networks or side shops. BSV blockchain users transact and do so publicly. That’s what Satoshi Nakamoto invented. It’s almost a joke that after more than a decade we have to point out these fundamentals of Bitcoin. The fact that we’re still trying to explain the basics of the Bitcoin white paper suggests just how powerful the real Bitcoin actually is. It’s changing the world in ways we’ve never seen before, and the rise of information capitalism has powerful opponents.
dr Wright even published a paper titled “Bitcoin: the most law-abiding system ever created.” Still, there is a lot of hate on social media for Dr. Craig Wright coming from the so-called digital currency markets. If someone is attacked for championing a law-abiding system, what does that tell us about the attackers?
BTC doesn’t scale bitcoin because BTC isn’t bitcoin – but bitcoin lives in BSV
In “Defining Scaling” Dr. Wright BTC does not use the name Bitcoin. He literally says “the BTC system” as BTC falsely claims to be Bitcoin and fraudulently poses as such. Bitcoin is contracted, and the bitcoin of that original bitcoin contract resides on the BSV blockchain today.
Famed economist George Gilder supports Dr. Wright and the original Satoshi Nakamoto vision of Bitcoin. Gilder passionately declared:
Bitcoin SV is the epitome of the information economy!
Speaking at the CoinGeek conference in New York in 2021, Gilder pointed out that, like on the BSV blockchain, Bitcoin SV has more transactions and more activity than BTC. Any attempt by BTC developers and BTC financiers to place transactions off-chain via second-layer technologies will widen the utility gap between BSV and BTC even further.
Increase in the number of transactions at Not just bitcoin is the only way to scale bitcoin. Second layer technologies for blockchains are designed to hide transactions, hiding money, data and interactions. Whenever you hear BTC public figures claiming that large blocks are causing trouble for Bitcoin users or miners due to alleged hardware problems, you can take that as hearing professional money launderers and worse.
In “Defining Scaling” Dr. Wright concludes:
In other words, Orwellian duplicity means referring to scale when it should really be about the nature of a blockchain and the requirement that the system provide full traceability of all transactions.
Learn the truth about Bitcoin by telling its creator, Dr. Listen to Craig Wright:
New to Bitcoin? Check out CoinGeeks Bitcoin for beginners Section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.